Sunday, June 4, 2023

XRP vs. SEC: Ripple Taps Bankruptcy Case to Bolster Legal Arguments


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  • Ripple has filed a new letter in support of their fair notice defense.
  • Voyager Digital case has been cited in the latest filing.
  • A ruling in favor of Ripple could have significant implications for the entire cryptocurrency industry.

Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) continues, with the defendants making a new filing supporting their “fair notice” defense. The filing referenced rulings on SEC objections in the Voyager Digital Holdings bankruptcy case, which could have implications for Ripple’s case.

Concretely, Ripple’s defense attorney James Filan shared the new filing made by the defendants in a tweet late on Monday.

Notably, the filing references rulings made by Judge Michael Wiles in the Voyager Digital Holdings bankruptcy case, where the SEC objected to the sale of Voyager’s assets to Binance.US. The SEC had also opposed Binance.US as an unregistered securities exchange. However, Judge Wiles rejected the SEC’s objections and approved the bankruptcy plan.

Judge Wiles’ decision to dismiss the SEC’s objections was supported by many of the points made by the defendants for Ripple in their submission, according to the letter to Judge Torres. According to experts, this could be a significant development in the ongoing legal battle between Ripple and the SEC, as it could provide some support for Ripple’s “fair notice” defense.

The “fair notice” defense is based on the argument that Ripple did not have “fair notice” that its actions regarding the XRP token violated securities laws. The reason has allegedly been a key argument in Ripple’s case against the SEC. 

A ruling in its favor could potentially have significant implications for the entire cryptocurrency industry. However, it remains to be seen how Judge Torres will rule on the matter and whether or not Ripple will ultimately prevail in its legal battle with the SEC.

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